NCR-based Niramaya Path Labs has acquired online diagnostics platform Labstreet in a cash and stock deal.
Post acquisition Labstreet will function as an independent unit. With this move about 50% of the team from Labstreet, will join Niramaya. The founders of Labstreet will not be a part of the team and will only stay on in an advisory role.
Lalit Mittal (co-founder) said, “This acquisition will help both the businesses to work in a more efficient manner both in terms of operations and marketing. This will lead to better quality and customer experience which is the key to getting ahead in the healthcare industry.”
Gurgaon-based Labstreet was founded in 2015 by Ujjwal Chaudhry and Lalit Mittal. It is a single point solution for pathology tests (blood, urine etc.). Labstreet provides the option to book tests from users’ preferred pathology lab on the basis of price and quality. On the other hand, Niramaya Path Labs is a full-fledged diagnostics lab.
With the acquisition Niramaya will get access to Labstreet’s technology — the Labstreet app, website, automated process on all the queries and request as well as the 30,000 user-base of Labstreet will go to Niramaya, according to co-founder Ujjwal.
Sanjeev Malhotra (MD, Niramaya PathLabs) said, “This acquisition will provide Niramaya with the technology infrastructure for deep integration with multiple online platforms in diagnostics space. It will enhance our home collection and logistics capabilities while creating a seamless experience for the end customer. Niramaya is looking to expand its presence in four more cities in the next five-six months.”
Currently operational in Delhi-NCR post-acquisition, Labstreet will look forward to expand into more cities by the end of this year.
